The companies expect the deal to be completed during the second half this year.

“With the inclusion of PROLOR's pipeline, OPKO will have four significant products in Phase III clinical development and a robust pipeline of important therapeutic and unique diagnostic products in various stages of development,” Chief Executive Phillip Frost said in a statement.

Frost, 76, is a medical doctor and serial entrepreneur who has become a billionaire developing and selling pharmaceutical companies.

He and his wife Patricia have contributed millions to philanthropy in South Florida, including $33 million to the University of Miami School of Music and $35 million to construction of the new Miami Science Museum being built in downtown Miami, according to news reports.

OPKO Health worked with Barrington Research Associates as its financial advisor and Akerman Senterfitt as its legal advisor on the PROLOR transaction.

The drug company this spring took a 10 percent stake in Russia's OAO Pharmsynthez to expand sales in the Russian market and Baltic region. It also recently bought a drug company in Brazil.